The National Commission for Financial Markets (CNPF) published an overview of a law adopted in final reading by Parliament that strengthens financial consumer protection and increases the responsibilities of financial services providers. Once the law enters into force, it expands the scope of services and customer categories covered and assigns CNPF new supervision and enforcement tools in areas such as consumer-credit debt collection and the conduct of financial intermediaries. Under the new framework, CNPF will oversee debt collection under consumer credit contracts, including compliance with caps on interest and fees and with a limit under which the total cost of credit must not exceed the amount disbursed. Supervision will also extend to intermediaries involved in selling goods on credit, including brokerage assistants and credit intermediaries, to address unfair commercial practices. The reforms align consumer-credit rights for borrowers of Savings and Loan Associations with other consumer-credit borrowers and extend consumer-credit contract protections to sureties. Additional changes include requiring creditors to adopt internal policies for reasonable restructuring for borrowers in difficulty, clarifying the application of default interest to prevent prior abuses, and requiring a repayment schedule to be included in pre-contractual information. In insurance, providers must assess customers’ demands and needs before concluding contracts and provide an insurance product information document, while additional rules apply to advertising and to combined products so consumers receive component-by-component information and can purchase components separately. The amendments also allow electronic completion of the amicable accident statement and clarify that the three-year period relevant to repairs with new original parts runs from first registration rather than year of manufacture. A mandatory provider-led complaints handling procedure is introduced, with a maximum response time of 15 business days, after which consumers may petition CNPF or go to court if dissatisfied. The package also grants CNPF the right to carry out “control purchases” as a supervisory tool, and it notes that further consumer-protection enhancements are expected through European Union harmonisation during 2025–2027.
National Commission for Financial Markets 2025-07-17
National Commission for Financial Markets outlines consumer financial protection reforms expanding supervision of debt collection and insurance sales
The National Commission for Financial Markets (CNPF) has published an overview of a new law enhancing financial consumer protection and expanding financial services providers' responsibilities. The law grants CNPF new supervision and enforcement tools, including oversight of consumer-credit debt collection and conduct of financial intermediaries, and introduces mandatory complaints handling procedures. Additional reforms align consumer-credit rights, require internal restructuring policies for creditors, and impose new insurance contract requirements.